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Think You’re Alone? Not Likely

January 6, 2010

     Think back ten years ago, at that time did you know anyone who filed bankruptcy?  Probably not, however ask yourself the same question now, do you know anyone that has filed bankruptcy?  This time the answer is most likely yes.  The Sun Sentinel’s latest article shows just how many people filed bankruptcy in Florida for 2009 (http://www.sun-sentinel.com/business/fl-bankruptcy_boom-20100104,0,7503411.story) . 

        According to the Associated Press over 1.4 million consumers and businesses filed for bankruptcy in the United States for 2009.  Ok, that’s the whole United States, how about just south Florida? 

            “South Florida consumers and businesses filings increased approximately 28 percent in 2009 compared with a year earlier, with 25,966 filings compared with 20,229 in 2008, according to statistics reported by the U.S. Bankruptcy Court’s Southern Division. Numbers included for December 2009 are preliminary.”

            If you break that number down into average monthly it comes out to be approximately 2163 consumer and business a month filing bankruptcy in Broward, Miami-Dade, and Palm Beach counties. 

If you have questions regarding the bankruptcy procedure, or would like to schedule a consultation please feel free to give our office a call.  We can be reached at www.FLbankrupt.com or (954) 309-5559. 

Shmucher Law, PL, is a Florida bankruptcy law firm that represents debtors, creditors, and trustees in bankruptcy matters throughout Broward and Miami-Dade counties.

Shmucher Law, PL, a Florida bankruptcy law firm, can help you file any of the following:

Florida Bankruptcy Chapter 7
Applying the Florida bankruptcy law we can help you file Chapter 7 bankruptcy and enter bankruptcy protection. Chapter 7 is sometimes referred to as “straight” or “liquidation” bankruptcy because it cancels your debts, however you might have to let the bankruptcy court liquidate (sell) some of your property for the benefit of your creditors.

Florida Bankruptcy Chapter 13
Applying Florida Bankruptcy law we can help you file a Chapter 13 bankruptcy and enter bankruptcy protection. Chapter 13 allows the debtor to keep all their property and file a repayment plan with the bankruptcy court to pay back all or a portion of your debts over time. The amount you’ll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own.

Shmucher Law, PL represents clients throughout South Florida including Aventura, Bal Harbour, Coral Gables, Coconut Creek, Cooper City, Coral Springs, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Golden Beach, Hallandale Beach, Hialeah, Hialeah Gardens, Hillsboro Beach, Hollywood, Lauderdale-By-The-Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miami, Miami Beach, Miami Gardens, Miramar, North Lauderdale, Oakland Park, Opa-Locka, Parkland, Pembroke Pines, Pinecrest, Plantation, Pompano Beach, South Miami, Sunny Isles beach, Sunrise, Tamarac, Weston, and Wilton Manors.

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January 6, 2010

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When Shoud I Consider Bankruptcy?

January 3, 2010

There are millions of Americans who were hit hard financially by the economy.  Lost jobs, increased mortgage payments, poor investments, or any other factors contributed to these people being unable to continue to pay their bills.  If you are one of the millions of people affected by the downturn in the economy you might want to consider filing for bankruptcy.  The following are some factors to decide whether or not filing for bankruptcy makes sense:

 Creditor Negotiations
Sometimes when a client comes to see us, instead of pushing them to file for bankruptcy we recommend to negotiate with creditors.  Negotiation allows the debtor and the creditor to come to an agreement, reduce the debt owed, and create a payment plan.  Example:  Debtor Y owes $50,000 on an American Express card.  Debtor Y can negotiate with American Express to either make one reduced rate lump payment or create a monthly repayment plan.   If, however, creditor negotiations fail, leaving the debtor with few options then probably bankruptcy would become a viable option.

 Liabilities Exceed Assets:
If the debtor’s monthly liabilities far outweigh his monthly income, then filing for bankruptcy protection would likely be the best solution to relieve the debtor of some of their debt problems.  Example:  Debtor’s monthly bills amount to $5,000 a month yet debtor’s income is only $3,000 then the debtor will only continue to increase his debts rather than pay them off.

 Filing for bankruptcy is a major decision and it must be planned out carefully and strategically.  If you have thought about bankruptcy or would like to speak with someone about the bankruptcy procedure then please give our office call:  Shmucher Law, PL (954) 309-5559.  We will gladly schedule an appointment and discuss your individual options with regard to your situation.  For further information on bankruptcy please feel free to view our website at http://www.FLBankrupt.com.

 Shmucher Law, PL, a bankruptcy law firm, represents debtors, creditors, and trustees in bankruptcy matters throughout Broward and Miami-Dade counties.

Shmucher Law, PL represents clients throughout South Florida including Aventura, Bal Harbour, Coral Gables, Coconut Creek, Cooper City, Coral Springs, Dania Beach, Davie, Deerfield Beach, Fort Lauderdale, Golden Beach, Hallandale Beach, Hialeah, Hialeah Gardens, Hillsboro Beach, Hollywood, Lauderdale-By-The-Sea, Lauderdale Lakes, Lauderhill, Lighthouse Point, Margate, Miami, Miami Beach, Miami Gardens, Miramar, North Lauderdale, Oakland Park, Opa-Locka, Parkland, Pembroke Pines, Pinecrest, Plantation, Pompano Beach, South Miami, Sunny Isles beach, Sunrise, Tamarac, Weston, and Wilton Manors.

 The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask us to
send you free written information about our qualifications and experience.